Fpf Workflow Procedural Guide Test 1

28 Questions | Total Attempts: 61

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Workflow Quizzes & Trivia

This is the first of 3 tests that you must complete to show that you fully understand the concepts, policies, and procedures of the FPF Workflow Procedural Guide.


Questions and Answers
  • 1. 
    In what case does a business email address need to be listed in social media?
    • A. 

      If you leave a post on a Facebook friend's wall.

    • B. 

      If any FPF employee makes reference to their profession or makes any reference to mortgage lending in social media, they must list their business email on those sites.

    • C. 

      If you open a Twitter account to share inspirational quotes.

  • 2. 
    What is the required login frequency required by FPF to ensure transactional responsiveness?
    • A. 

      Once a day on normal business days

    • B. 

      No less than twice daily on normal business days

    • C. 

      No less than 5 times daily on normal business days

    • D. 

      6 times per weekend

  • 3. 
    What three prerequisites must be met prior to installation of Encompass360 and obtaining Lenny Login Credentials?
    • A. 

      Proper licensure if a Persona requires licensure

    • B. 

      Buying a new laptop computer

    • C. 

      FPF Workflow Procedural training and testing

    • D. 

      Signed Information Security Acknowledgement

    • E. 

      Installing iris scan software on your computer

    • F. 

      A 7 day waiting period after updating your email

  • 4. 
    In short, the eFolder in Encompass360 is:
    • A. 

      Accessible only from iPad

    • B. 

      Where you find a loan approval

    • C. 

      A new feature in Lenny

    • D. 

      A secure, paperless document management system

  • 5. 
    All information requests or notices must be logged in the eFolder.
    • A. 

      True

    • B. 

      False

  • 6. 
    What 2 things must be done when receiving “hard copy” documents from Consumers?
    • A. 

      Scanned and uploaded to the proper placeholder within the eFolder immediately.

    • B. 

      Mailed to corporate office upon successful upload.

    • C. 

      Scanned into your computer hard drive.

    • D. 

      Shredded upon successful upload.

    • E. 

      Stored in your refrigerator after opening.

  • 7. 
    Original “hard copy” documents must be:
    • A. 

      Stored in a fire safe vault.

    • B. 

      Burned after upload.

    • C. 

      Mailed back to the customer.

    • D. 

      Locked in a secure filing cabinet until being returned to the applicant.

  • 8. 
    What is the most efficient and secure means of gathering Consumer information?
    • A. 

      FedEx

    • B. 

      United States Postal Service

    • C. 

      The Loan Center

    • D. 

      E-mail

  • 9. 
    What loan products are eligible for eSigning?
    • A. 

      VA Loans

    • B. 

      USDA Loans

    • C. 

      Conventional Loans

    • D. 

      FHA Loans

    • E. 

      Hard Money Loans

  • 10. 
    What is the most efficient, secure method for a consumer to “wet sign” loan disclosures?
    • A. 

      E-mail

    • B. 

      In Lenny

    • C. 

      Adobe Connect

    • D. 

      EFolder Download, print and fax with bar-coded coversheet.

  • 11. 
    Where are “wet signed” documents automatically placed after being faxed with the toll free bar-coded cover sheet?
    • A. 

      Unassigned placeholder of the eFolder

    • B. 

      Your email inbox

    • C. 

      In Lenny

    • D. 

      The New Documents placeholder of the eFolder

  • 12. 
    Name two of four ways a User is notified that they have received documents they have requested from the consumer.
    • A. 

      User gets an email notifying them of new documents

    • B. 

      There is a green alert inside the Encompass360 pipeline

    • C. 

      SMS text message to your cell phone

  • 13. 
    Mavent is a:
    • A. 

      Character in "Gone with the Wind"

    • B. 

      Integrated quality assurance system

    • C. 

      Superhero from the planet Krypton

    • D. 

      Flood certification system

  • 14. 
    How many FPF configured “hard stops” are provided to make  processing the application more efficient and accurate?
    • A. 

      6

    • B. 

      7

    • C. 

      1

    • D. 

      9

  • 15. 
    Milestones are:
    • A. 

      Communication points in Lenny

    • B. 

      Points earned for closing loans

    • C. 

      Specific times when an application is handed off, or advanced from one Persona to the next for a specified function to occur.

    • D. 

      Along the side of Route 80

  • 16. 
    UC’s are:
    • A. 

      Undercover Cops

    • B. 

      Use Cases, a documented, organic ledger of the entire FPF technical workflow.

    • C. 

      Underwriter Counteroffer, a documented ledger of a counteroffer

    • D. 

      University of California

  • 17. 
    Whose corporate responsibility is it to pursue continuing education requirements to remain informed about changing regulations and requirements?
    • A. 

      Chief Performance Officer

    • B. 

      Chief Financial Officer

    • C. 

      Chief Compliance Officer

    • D. 

      Chief Executive Officer

    • E. 

      Director of Business Development

  • 18. 
    Whose job is it to Monitor branch P&Ls to ensure profitability and to advise the CFO of adverse financial concerns or trends?
    • A. 

      Corporate Branch Advocate

    • B. 

      Chief Compliance Officer

    • C. 

      President

    • D. 

      Corporate Branch Administrator

    • E. 

      Hammer

  • 19. 
    Whose job is it to Report any adverse activities or noncompliant activities to the CCO or Board Members?
    • A. 

      President

    • B. 

      Corporate Branch Administrator

    • C. 

      Director of Business Development

    • D. 

      Director of Processing

  • 20. 
    Whose job is it to visit remote branch locations every 6 months to perform facility inspections for information security?
    • A. 

      Men in Black

    • B. 

      FPF Business Representatives

    • C. 

      FPF Account Representatives

    • D. 

      Chief Compliance Officer

  • 21. 
    What types of files will be searched for on PC’s to determine the security of digital consumer documentation?
    • A. 

      Internet browser history

    • B. 

      PDF’s or other digital image types

    • C. 

      Photos and Videos

    • D. 

      Microsoft Office Documents like Word and Excel

  • 22. 
    What is the FPF policy related to storing electronic documentation on PC’s? 
    • A. 

      It must be password protected

    • B. 

      It must be in a folder marked "FPF"

    • C. 

      It is not allowed

    • D. 

      Old documents must be deleted after 90 days

  • 23. 
    Whose job is it to approve all advertising?
    • A. 

      Corporate Branch Administrator

    • B. 

      Chief Compliance Officer

    • C. 

      Director of Business Development

    • D. 

      Corporate Branch Director

  • 24. 
    Branch Directors and MLO’s are strictly prohibited from  representing themselves as:
    • A. 

      Realtors

    • B. 

      Owners

    • C. 

      Certified Mortgage Planning Specialists

    • D. 

      Most Trusted Loan Officers

    • E. 

      Corporate Officers

  • 25. 
    Branch Directors can represent the authority to hire or terminate employees in the licensed facilities they oversee.
    • A. 

      True

    • B. 

      False

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